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2-Bed, 2-Bath East Village Condo Heads to Auction for Less Than $800K

5.5-room condo in East Village elevator building is heading to auction on November 20, 2019. The lien is $786,804 on a property estimated to be worth nearly $2 million. The auction is set for 2 p.m. at 60 Centre Street in New York City.

Unit 6D in the elevator condo building located at 754 East Sixth Street was purchased in 2002 for $592,000. On the same day, a mortgage was secured through Wells Fargo Home Mortgage Inc. for $495,760. In 2005, another mortgage was taken out via Homebridge Mortgage Bankers for $60,612. At the same time, an agreement consolidated the two mortgages into a single mortgage of $535,000, which was also secured by Homebridge Mortgage Bankers. The mortgage was assigned to Axos Bank in 2009,  the plaintiff in the foreclosure suit.

The first lis pendens filed against the property was by Bofi Federal Bank in 2012. It was refiled numerous times – most recently in 2016 – and remains active, thus leading to the foreclosure of the property. The foreclosure judgment was recorded on May 3, 2019, for a lien of $786,804. The auction is scheduled for November 20, 2019.

A Comps search for this property resulted in an estimated market value of $1,916,370 based on 17 similar property sales that occurred in the last six months within a half-mile radius of the foreclosed condo.

Unit 6D is part of the Perla Pueblo boutique condo development, that opened in 2001 with 24 units and close to 6,000 square feet of commercial space. The nearest subway station is just over half a mile away at the corner of Norfolk and Delancey streets and serves the F, J, M and Z trains.  Perla Pueblo is just three blocks from Thompkins Square Park, and a mere 3-minute walk from the John V. Lindsay Eats River Park.

Disclaimer: As with any auction, we recommend performing thorough due diligence and running your own comps to find out how much the property is worth. Information provided in this article is not, and should not be regarded as, investment advice.

Eliza Theiss

Eliza Theiss

Eliza Theiss is a senior writer reporting real estate trends in the US. Her work has been cited by CBS News, Curbed, The Los Angeles Times, and Forbes among others. With an academic background in journalism, Eliza has been covering real estate since 2012. Before joining PropertyShark, Eliza was an associate editor at Multi-Housing News and Commercial Property Executive. Eliza also writes for CommercialEdge. Reach her at [email protected]